Stock Market Sustains Positive Run for Eighth Consecutive Session, Gains N467bn
Kayode Tokede
The Nigerian stock market sustained its positive run for the eighth consecutive session, appreciated by N467 billion yesterday over investors’ demand for Aradel Holdings Plc that gained 10 per cent.
Investors reacted by buying Aradel Holdings following the announcement of the Minister of Petroleum Resources’ approval for the sale of the Shell Petroleum Development Company to Renaissance Africa Energy Limited.
The Nigerian Exchange Limited All Share Index (NGX ASI) rose by 770.56 basis points or 0.77 per cent to close at 101,248.02 basis points, with the Month-to-Date and Year-to-Date returns settling higher at +3.8per cent and +35.4per cent, respectively.
Also, market capitalisation gained N467 billion to close at N61.375 trillion.
On sectors, the NGX insurance index (+3.8per cent), NGX Banking index (+0.7per cent), NGX Consumer Goods index (+0.7per cent), and NGX Oil & Gas index (+0.3per cent), while the NGX Industrial Goods index (-0.6per cent) index settled lower.
Investor sentiment, as measured by market breadth, improved as 47 stocks advanced, while 17 declined. Honeywell Flour Mills, UACN and Aradel Holdings recorded the highest price gain of 10 per cent each to close at N5.50, N27.50 and N730.40 respectively, per share.
MRS Oil Nigeria and Nigerian Aviation Handling Company (NAHCO) followed with a gain of 9.96 per cent each to close at N175.60 and N41.95 respectively, while Eterna rose by 9.88 per cent to close at N27.25, per share.
On the other hand, Tantalizers led the losers’ chart by 9.77 per cent, to close at N1.57, per share. Multiverse Mining & Exploration followed with a decline of 9.73 per cent to close at N5.10, while John Holt declined by 9.68 per cent to close at N5.88, per share.
Caverton Offshore Support Group depreciated by 7.76 per cent to close at N2.26, while Omatek Ventures declined by 7.35 per cent to close at 63 kobo, per share.
Also, the total volume traded increased by 5.56 per cent to 411.374 million units, valued at N26.304 billion, and exchanged in 10,260 deals. Transactions in the shares of Universal Insurance topped the activity chart with 38.231 million shares valued at N14.847 million. AIICO Insurance followed with 20.983 million shares worth N31.185 million, while Guaranty Trust Holding Company (GTCO) traded 20.407 million shares valued at N1.082 billion.
United Bank for Africa (UBA) traded 18.617 million shares valued at N622.962 million, while Prestige Assurance sold 15.553 million shares worth N12.607 billion.
